Consumer prices have surged 23.7% since February 2020, resulting in increased financial pressure that forces Americans to reevaluate their spending habits. A recent Intuit Credit Karma study found that a significant portion of the population, particularly Gen Z and millennials, are adopting 'low-buy' (44%) or 'no-buy' (42%) lifestyles as strategies to save money, reduce debt, and manage expenses. Despite these efforts, many young adults struggle with wealth-building and impulsive spending due to anxiety driven by economic uncertainty and influences from social media.
Consumer prices have risen significantly, prompting many Americans to adopt low-buy or no-buy lifestyles to manage finances amid inflation.
Research indicates that Gen Z and millennials struggle with wealth-building, despite many believing that investing can secure their financial future.
The rise in consumer prices has led to 44% of Americans adopting low-buy lifestyles as a strategy to combat financial strain and build savings.
Gen Z is particularly impacted by economic challenges, engaging in both low-buy strategies and 'doom spending' to cope with anxiety about their financial futures.
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